I can't think of a time when a parachute would do you much good... if you're high enough, and have the time to deploy a chute, why not just bring it in for a controlled dead-stick landing? Both times I crashed was at low altitude and I just made a dumb mistake... lost perspective or look away for a second... and thunk! No time to deploy a chute, and not high enough anyway.

I guess chute deployment as a failsafe mechanism might be a thought (i.e. chute deploys when RX no longer is receiving a signal from the TX), but I've never personally seen a loss of signal bring down a plane... just planes getting "shot down" because someone didn't grab the right freq pin, or sudden signal glitches that cause an immediate crash...